aus dem heutigen Eurointelligence News Briefing:
Market euphoria reverses dramatically
Markets are beginning to wake to the catastrophic shortcomings of last week’s eurozone deal, as Italian spreads are now back at the peak of eurozone membership, with ten-year yields now trading at 6.1%. Investors are beginning to realise that the leveraging of the EFSF is not going to work, that foreign governments are not going to provide financial guarantees the eurozone itself is unwilling to give, that the recapitalisation of the European banking system is insufficient, and that even the Greek PSI plan is likely to derail after George Papandreou yesterday called for a referendum. The probability of a disorderly default in the eurozone periphery is now very high, and the crisis is now spreads further through the periphery. Unfortunately, we are back in a situation where the crisis is moving at a faster speed that the political response.
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